The transaction, which follows the initial announcement made in January 2026, excludes the company’s gas portfolio. TotalEnergies retains full economic interest in three key licenses—OML 23, OML 28, and OML 77—which remain essential to the nation's energy infrastructure. These specific assets currently account for half of the total gas supply for Nigeria LNG.
In section Market Quotes
TotalEnergies Exits Renaissance JV Oil Assets in $800 Million Deal
TotalEnergies has finalized the sale of its 10% non-operated stake in the Renaissance Joint Venture to Vaaris for $800 million. This divestment marks a strategic shift for the French energy giant, which maintains its critical gas supply role in Nigeria while shedding its oil-focused interests in the venture.
With over 60 years of operational history in Nigeria, the company continues to hold a significant footprint, employing more than 1,800 staff members. Despite this divestment, the firm remains a major player in the regional market, having recorded a production volume of 188,000 barrels of oil equivalent per day throughout 2025. Beyond upstream production, the brand continues to manage a retail network comprising approximately 540 service stations across the country.
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